The Hon. Joe Hockey, M.P., Treasurer of the Commonwealth of Australia, reports that the [G20]( Finance Ministers and Central Bank Governors in Cairns today delivered strategies that will achieve 1.8 per cent of additional growth across the global economy. *“This result means we are 90 per cent of the way to meeting the 2 per cent growth ambition we set at our Sydney meeting. We are all committed to step up, and deliver that growth target to the Brisbane Leaders’ Summit in November.”* He said Australia, current G20 President, set a practical agenda at its Sydney meeting to strengthen international cooperation to deliver on its ambition to boost global growth and create millions of new jobs. Genuine measures have been put forward by all G20 economies, and around 80 per cent of these 1,000 measures are new.

Click [here]( for the Communique issued today.

The Finance Minister and Central Bank Governors have agreed to shift from government-led growth towards private sector-led growth, particularly from extra infrastructure investment. To this end they have agreed a Global Infrastructure Initiative which will include member country commitments to boost investment through best-practice planning and development.

Treasurer Hockey said the G20 has delivered on its core commitments to build a stronger financial system to make the economy and the financial system more resilient. Speaking specifically to international tax rules, he said *“We are halfway through delivering the two-year 15-point Base Erosion and Profit Shifting (BEPS) Action Plan, designed to ensure international tax rules keep up with advances in changing business models. We have endorsed far-reaching initiatives to identify and catch tax cheats through the automatic exchange of information using a Common Reporting Standard (CRS). We encourage others to match this commitment so that there are no places to hide.”*